L-3 takes Canada's Spar Aerospace.(L-3 Communications Holdings Inc.)(Spar Aerospace Ltd.)(Brief Article)

Byline: Greg Johnson

L-3 Communications Holdings Inc. is making a northern foray. The New York provider of defense communications and avionics systems, said Oct. 3 it plans to acquire Toronto's Spar Aerospace Ltd., which provides aviation maintenance services, for about C$182 million ($116 million).

L-3's C$15.50 a share all-cash tender offer will go out to Spar shareholders in about 10 business days, with a closing expected by year's end. L-3 expects the transaction to add about $100 million in sales and 3 cents to 4 cents a share to its 2002 earnings.

Crescendo Partners II LP, which holds 17.1% of the fully undiluted Spar shares, and funds managed …